US dollar exchange rate reaches new highs in Uzbekistan

On Wednesday, March 20, the Central Bank set the official dollar exchange rate at a new maximum level.

Before the long weekend, the value of the American currency on the stock exchange was 12,575 soums. During the day it added 13.13 soums, and since the beginning of the year – more than 220 soums or 1.8%.

In commercial banks, US dollars were sold at a rate of 12,570 to 12,625 soums, and Ziraat Bank and Asakabank offered them the cheapest – 12,565 soums. The purchase rate is in the range of 12,500 – 12,520 soums, and the most favorable rate at MKBank was 12,530 soums.

On August 10, 2023, the American currency crossed the 12 thousand soums mark for the first time, showing the sharpest one-day increase in price since 2018. Over the past year, the sum depreciated against the dollar by 9.83% versus 3.75% a year earlier.

The Central Bank explained the collapse of the soum against the dollar by the devaluation of the Russian currency, which caused a reduction in export earnings and remittances from migrants. In addition, the dynamics of the Turkish lira affected the national currency.

CB Chairman Mamarizo Nurmuratov linked the rise in the dollar exchange rate to pressure from increased imports. He also called the current exchange rate a real reflection of foreign trade transactions.